I had a call about three weeks ago from a potential customer (always a good thing!). He needed a refinance but explained to me that his property was rather unique and that this is why he called me because he knew that I was with a locally owned bank (even though we do lend in all states).
He told me that it was the original home of a couple who had sold their farm to a builder developer who built a subdivision. His property was on 3.3 acres on a 22 acre lake at the back of the subdivision. The subdivision consisted of $400,000 to $500,000 homes on .75 to 1.0 acre lots. He told me what he had paid for it and what he had put into it and it sounded like something that made good sense so I proceeded to set up an appointment at his house so I could see what we were dealing with.
When I pulled into the subdivision off of the main road I passed the swim, tennis, and clubhouse, which was on the lake, passed nice two story brick traditionals, very well maintained properties, and was impressed with the subdivision overall. I took a right into a cul-de-sac at the end of which was a white gate, the kind found on farms, and a gravel drive. I pulled onto the gravel drive and followed it down to the house, a one story, stone, that looked to be about 1600 square feet. It had a small commercial waterfall, a volleyball court with sand, and looked out over the lake. It had a dock and small party boat.
Well, it was actually about 1300 square feet, when adding a finished area in the basement that was a media room it came to about 1800 square feet. It had two bedrooms and two baths. It also had a wonderful view, great serenity, privacy, and charm. But probably not a whole lot of comps!
The customer was an excellently qualified customer. He was aware that his property was unusual. I won't go into what was paid for it, nor what the land value was as a portion of the final appraisal, or how on earth an appraisal was done at all.
I will tell you that it is approved and closing tomorrow with a conventional 15 yr. fixed rate and a HELOC second that will be a combined loan to value of 95% of the final appraisal, with a blended rate of 5.75%. The customer came to me because everyone else had pretty much said "I don't think so...". Give me a challenge and I will do everything possible to make it work. While not everything will close, if there is anyway to make it happen, chances are I will find it.
A big part of that is being with a company and a Bank, Brand Banking Company, that has the attitude for customer service and getting things done. If I can ever help you, let me know!